Greece, creditors reach breakthrough in bailout talks

Greece and its creditors have reached a breakthrough in talks to secure the country's next bailout payment, dpa has learned.

Sources close to the negotiations told dpa that a political compromise over additional spending cuts and reforms has been reached.

The compromise allows Greece's creditors to conclude a review of the country's finances, and unlock the second tranche of a bailout deal agreed in June 2015.

Greece needs the loan to be paid out in the coming months by the European Stability Mechanism, the euro area's rescue fund, in order to meet debt payments due this summer.